Bruce Rauner, Governor

State Links Skip to Content Skip to State Links

 Health & Safety
 Family & Home
 About Illinois

Stay Informed

Your Government

Illinois Flag Honors

Inspector General

 IGNN: State/All Press Release

The State of Illinois News page provides access to the Illinois Government News Network and all state press releases.

August 30, 2000

Governor Ryan Praises Chicago Predatory Lending Ordinance

CHICAGO -- Governor Ryan commended Mayor Daley and the Chicago City Council for passing a landmark ordinance to crack down on predatory home mortgage lending by requiring financial institutions that want city deposits and other city business to sign a pledge that they and their affiliates do not and will not engage in the practice.

The Governor has directed his Office of Banks and Real Estate to revise the draft rules on predatory lending using the Chicago ordinance as a basis. Governor Ryan signed Senate Bill 355 last May which paved the way for the state to regulate predatory lending. The rules will eventually be submitted to the General Assembly's Joint Committee on Administrative Rules.

"I want to congratulate Mayor Daley and the City Council for showing such leadership in passing an ordinance that will help stop abusive practices that have hurt people least able to defend themselves -- the poor and elderly," Governor Ryan said.

The number of subprime loan foreclosures in Chicago and the suburbs has increased dramatically from 131 foreclosures in 1993 to nearly 5,000 last year.

"Predatory lenders take advantage of people and take away their homes that they have worked their whole life to own," Governor Ryan said. "We must stop these practices that hurt our communities."

The Governor noted that the Chicago ordinance strikes the right balance between discouraging predatory lending and still providing legitimate loans to people with poor credit histories.

"People who are recovering from financial problems still need access to subprime home mortgages otherwise they will be shut out of the housing market," Governor Ryan said. "We can continue to provide that option while curtailing predatory practices."


News Categories

 Governor's Office
 Lt. Governor's Office
 Economic Development
 Flag Honors
 Health/Human Services
 Opportunity Returns

News Resources

 Search the News
 IIS Radio News
 RSS News Feeds
 e-News Subscriptions
 Communications Office
 Privacy Statement


Sign up for an e-news subscription
Copyright © 2017 State of Illinois Site Map | Illinois Privacy Info | Kids Privacy | Web Accessibility | Contact Us